There are ructions at Citigroup this morning. Two of the bank's most senior electronic equities professionals are leaving the bank.
Daniel Nehren, Citi's London-based global head of equity e-trading is departing. So too is Matthew Cousens, its London based head of platform sales.
Citi declined to comment on the exits. They're understood to be unrelated. The two men are thought to be leaving to do something different.
Both Nehren and Cousens joined Citi from Barclays. Cousens joined in February 2020 after 18 months at Barclays. He previously spent 13 years at Credit Suisse. Nehren joined in February 2021 after three years at Barclays and time at Citadel, JPMorgan and Goldman Sachs in New York City.
Citi spent the past few years building out its electronic equities team, making 20 hires globally into product, coverage and origination functions in its electronic equities business in 2021. The bank expects to continue hiring this year.
However, Citi has also suffered several exits in the past two years. Some of those who have departed have suggested the bank needs to invest even more aggressively in electronic equities. Competition for talent is high, with trading firms like Jane Street and Citadel Securities paying huge premiums to hire top developers.
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